Walden National Bank v. Birch
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme '•Court in the second judicial department, entered upon an order made December 9, 1889, which affirmed a judgment in favor •of plaintiff entered' upon a decision of the court on trial at .Special Term. This was an action to recover from the defendants, as sureties of one Butherford, cashier of the plaintiff’s bank, the ■value of certain of its securities alleged to have been converted by him.
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Appeal from judgment of the General Term of the Supreme '•Court in the second judicial department, entered upon an order made December 9, 1889, which affirmed a judgment in favor •of plaintiff entered' upon a decision of the court on trial at .Special Term. This was an action to recover from the defendants, as sureties of one Butherford, cashier of the plaintiff’s bank, the ■value of certain of its securities alleged to have been converted by him. The trial court found the following facts: Said Butherford was cashier of the plaintiff, a national bank, from its organization until March 19,…
1Opinion of the CourtVann, J.
The appellants claim that the transaction whereby the stock in question was transferred to Rutherford was in violation of the Rational Banking Act, which provides that no banking association “ shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith.” (U. S. R. S. § 5201.) Assuming this to be true the defendants cannot take advantage of it, because the act “ imposes no penalty, either upon the bank or…
2Cases cited10 opinions
- National Bank v. MatthewsSupreme Court of the United States · 1879
- Lorillard v. . ClydeNew York Court of Appeals · 1890
- National Bank of Xenia v. StewartSupreme Court of the United States · 1883
- Stevens v. CooperNew York Court of Chancery · 1815
- Manning, Bowman Co. v. . KeenanNew York Court of Appeals · 1878
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3Cited by16 opinions
- Westervelt v. MohrenstecherCourt of Appeals for the Eighth Circuit · 1896
- Morse v. United StatesCourt of Appeals for the Second Circuit · 1909
- Rankin v. TygardCourt of Appeals for the Eighth Circuit · 1912
- Meholin v. CarlsonIdaho Supreme Court · 1910
- Skud v. TillinghastCourt of Appeals for the Sixth Circuit · 1912
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